ChicagoTribune.comSam Zell tells Bloomberg Television that he didn't anticipate the steep decline in the newspaper business. "By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake," says the Tribune chief. "I was too optimistic in terms of the newspaper's ability to preserve its position."

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AUTHOR INFORMATION

From 1999 to 2011, Jim Romenesko maintained the Romenesko page for the Poynter Institute, a Florida-based non-profit school for journalists. Poynter hired him in August of 1999, after seeing his MediaGossip.com, a hobby site he started in May of 1999.